Goodyear sell OTR tyre business

Japan-based Yokohama Rubber Company to purchase off-the-road tyre operation for $905 million

GOODYEAR Tire & Rubber Co. have signed a definitive agreement to sell their off-the-road (OTR) business to Yokohama Rubber Co. Ltd for $905 million. The transaction comes eight months after Goodyear announced that they would seek buyers for their OTR tyre operations.

Yokohama say the acquisition of Goodyear's OTR business – which provides tyres for applications including quarrying and construction – is a key growth driver and will contribute to the ongoing expansion of their off-highway tyre business. 

‘The sale of the OTR business marks an important milestone as we continue to execute against our Goodyear Forward transformation plan,’ said Mark Stewart, chief executive officer and president of Goodyear. ‘We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with Yokohama to ensure a smooth transition for customers and associates.’

Goodyear will retain their business providing OTR tyres for US military and defence applications. The company will also manufacture certain OTR tyres for Yokohama at some of its manufacturing locations for an initial period of up to five years. 

The transaction is subject to regulatory approvals, other customary closing conditions and consultations, and is expected to close by early 2025.